Demand for gasohol on the first day of price cuts last Tuesday doubled to almost 70 million litres as motorists rushed to fill their tanks, according to Energy Minister Pirapan Salirathavibhaga.
Gasohol and gasoline demand normally ranges between 28 million and 32 million litres daily but stations on Tuesday pumped 68.9 million litres.
Mr Pirapan said sales returned to normal levels on Thursday, noting that motorists can enjoy lower-priced fuel until Jan 31 as part of the government’s drive to reduce living costs.
The ministry received many complaints from motorists that same day about petrol stations being sold out of gasohol 91 and gasohol 95 just a couple of hours after the new prices took effect, said spokesman Pongpol Yodmuangcharoen.
However, ministry officials investigated and found no evidence of hoarding or attempts at profiteering. They said many stations simply ran out because demand was so high.
Prices of gasohol 91 were reduced by 2.5 baht a litre and gasohol 95 by 1 baht on Tuesday morning. Reductions of 80 satang a litre were made to gasohol E20, which is blended with 20% ethanol, and gasohol E85.
The moves followed a cabinet resolution to cut the price of gasohol 91 and gasohol 95 by one baht a litre through an excise tax reduction. It then asked the Ministry of Energy to cut the price of gasohol 91 by another 1.50 baht via a subsidy from the Oil Fuel Fund.
As of Oct 29, the fund reported cumulative losses of 74.2 billion baht, with 28.9 billion coming from diesel subsidies and the rest going to liquefied petroleum gas, according to Prasert Sinsukprasert, the ministry’s permanent secretary.